Who Needs Fixed Asset Register Software?

Who Needs Fixed Asset Register Software?

Fixed asset register software can help you save time and money. Automate your operations by managing asset-related data and finances. With fixed asset register software, you’ll be able to keep a clear eye on what you own and what its status is.

Implementing asset tracking procedures benefits your business by:

  • Helping you keep track of what you own
  • Mitigating issues such as asset loss or a lack of accountability
  • Enabling you to run speedy audits to verify that your assets are accounted for

So, who can fixed asset register software help? The answer is simple, anyone with fixed assets in their business.

 

How Does Fixed Asset Register Software Work?

Fixed asset register software allows you to create unique digital doubles of your assets. On these digital profiles, you’ll be able to add relevant information, such as who is responsible for assets, as well as depreciation information and costs.

You’ll be able to use fixed asset tagging to link your physical assets with their digital profiles, too. Fixed asset tagging is the simple process of adding a fixed asset tag to your physical assets and then scanning them into your asset tracking app.

Tagging and Tracking with QR Code Asset Tags

After this, every time you scan an asset’s tag, the asset’s digital profile will open up, ready for you to view, add, or amend any data. The last seen location will also update whenever you scan an asset’s tag, as well as the user who scanned the tag. This way, you’ll create a visible audit trail of where your assets have been.

 

The Type Of Businesses That Need Asset Tracking

A wide range of businesses can benefit from asset tracking. As fixed asset register software is customisable, and as you can add your own assets, you can tailor your procedures to your needs.

So, if you’re looking for construction equipment asset management, for example, you’ll be able to log your asset data in your fixed asset register software. Then, you can track crucial information such as maintenance data and manage issues via your asset tracking system.

If you’re working in an office or from home, you’ll be able to use your fixed asset register software for IT asset management processes. This way, you’ll be able to verify that your equipment is up to date and that your colleagues have everything they need to perform their tasks.

Overall, if your business has assets, you’ll be able to create more transparency and accountability around them using fixed asset register software.

 

Exporting Your Fixed Asset Register

All of your procedures come together with the ability to export your asset register. Using a bespoke and customisable reporting feature, you’ll be able to filter by asset type or status and export pdfs or spreadsheets showing relevant asset data.

This is useful to prove responsible ownership and accountability when it comes to insurance, but it can also assist with your expenses and finances.

Effectively, reporting streamlines your operations and gives you the functionality you need to perform your duties efficiently, accurately and quickly.

To find out more about how itemit’s fixed asset register software can help you, you can book a demo using the button below.

You can also contact the team at team@itemit.com or fill in the form below to start your 14-day free trial and see the benefits for yourself.

 

Why not check out these blogs:

Why Software Asset Management Is So Important

How To Use Asset Management Tools In Your Business

How To Use Computer Asset Tracking Software To Save Your Business Money

Start Using Our Fixed Asset Register Software Now

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or, download the itemit app to get started

What Is Fixed Asset Register Software?

What Is Fixed Asset Register Software?

With a fixed asset register, you’ll be able to track and manage your assets much better. Fixed asset registers make your auditing transparent, streamlined, and effective.

However, there’s more you can be doing. If you’re currently using a spreadsheet, you’ll notice that there are gaps. When assets move or when the data related to them changes, your fixed asset register becomes out of date.

Therefore, using a spreadsheet takes a lot of time and manual input. This is where fixed asset register software comes in.

 

The Benefits Of Fixed Asset Register Software

The main benefit of fixed asset register software is that it automates a lot of your operations. With fixed asset register software, any changes that you log against your assets are automatically updated in real-time.

How it works is by using standard asset tracking operations and functionality, and reflecting these changes in an automated and exportable reporting system.

So, if you notice an asset has been damaged, when you use your fixed asset register software to report the damage, this change will also be reflected in your fixed asset register.

 

lose fewer assets with fixed asset management software

 

How Asset Tracking Works

Asset tracking works by using unique digital asset profiles to log data and changes. This data can be maintenance information, such as reminders or issues management, but it can also be bookings, financial information, or images.

Therefore, if you notice that a laptop is due for maintenance, you’ll be able to log this on the laptop’s digital profile against the laptop itself. So, when it’s time to undergo the maintenance, you can see exactly which laptop requires this maintenance and where it is.

Then, you’ll link your physical assets to these digital profiles using asset tags. These asset tags are stuck onto your assets to streamline your operations. 

Asset tags can be QR codes, barcodes, RFID tags or GPS tags, it’s up to you!

Once you’ve linked your physical assets to their digital counterparts, every time you scan the asset’s tag, the digital profile will appear. The last seen location and user who scanned it will also update.

Tagging and Tracking with QR Code Asset Tags

Preventing Gaps In Your Operations With Fixed Asset Register Software

Overall, this level of automation prevents gaps in your fixed asset management processes. Having a robust register where a digital database is linked to physical assets ensures that you lose fewer assets and that you know how assets are behaving.

Therefore, using fixed asset register software reduces the chance of having ghost assets and zombie assets when it comes to auditing and accounting. 

As it’s all automated, too, you save time where you need it the most. Therefore, fixed asset register software helps you get the most out of your fixed assets while they run through their lifecycles.

To find out more about how itemit’s fixed asset register software can help you, you can book a demo using the button below:

You can also contact the team at team@itemit.com or fill in the form below to start your 14-day free trial.

 

Why not check out these blogs?

How To Manage Your Business’ Equipment

Using Tool Tracking Software For Small Businesses

Managing Props And Costumes With Asset Tags

Automate Your Fixed Asset Register!

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How To Use Fixed Asset Management Software When Working From Home

How To Use Fixed Asset Management Software When Working From Home

Many people are working from home in the UK. Did you know, you can continue to use your fixed asset management software to save time and money? If you haven’t implemented fixed asset management, yet, it’s still a breeze to set it up remotely.

When your fixed asset management software is set up, you’ll be able to verify that your employees have all of the equipment they need to perform their duties. You’ll also be able to verify that equipment is maintained and that everything is running smoothly.

Then, if and when it’s time to return to the office, you’ll be able to use your fixed asset management software to ensure that the move is streamlined, quick, and easy.

 

using fixed asset management software to work from home

 

What Is Fixed Asset Management Software?

Fixed asset management software is a cloud-based asset tracking system which will help you view everything that you own and data related to it. So, in your fixed asset tracking app and web portal, you’ll be able to log unique asset profiles. 

On these asset profiles, you’ll add crucial data, such as depreciation information, maintenance information, and you’ll be able to use it as an equipment check in check out system.

To link your physical assets to their digital profiles, you’ll use fixed asset tags. These asset tags are stuck onto your assets, whether they’re IT assets or tools and equipment, and scanned into your fixed asset management software.

Tagging and Tracking with QR Code Asset Tags

How Does This Help With Working From Home?

The recent move towards working from home has thrown up a few new issues.

  • It’s difficult to see who has what
  • What your business owns is less visible
  • The status of your fixed assets is less visible
  • The location of your fixed assets is unknown

Fixed asset management software will help to mitigate these issues. As you’ll have a suite of asset tracking features, you’ll be able to make the most out of the additional accountability.

For example, you’ll be able to use itemit’s assignee feature to run reports to see who is responsible for which assets. This way, you’ll be able to verify that your colleagues have everything they need to act efficiently.

Assign Assets to your Colleagues

Using Your Fixed Asset Register

All of your fixed asset management efforts will come together in your asset tracking software’s reporting features. With your reports, you’ll be able to filter the information you need to see and export it.

Overall, you’ll get a full view of all of your unique assets as well as the information related to them. This is crucial for accounting and insurance purposes, and when there’s remote working involved it’s more difficult than ever to maintain a fixed asset register.

itemit will update and maintain your fixed asset register automatically. In other words, every change will update in your exportable fixed asset register. Therefore, it’s easier than ever before to create and maintain a fixed asset register for your business’ operations.

To find out more about how itemit’s asset tracking system can help you with your fixed asset management, you can book a demo using the button below.

You can also start your 14-day free trial by filling in the form below. Why not contact us at team@itemit.com so that our friendly team can get you up and running in no time?

 

Or, you can check out these blogs to find out more:

Using Computer Asset Tracking Software For Videogame Development

How Does Medical Equipment Asset Management Software Work?

Why You Should Use A Fixed Asset Tracking Solution

Try Out Our Fixed Asset Management Software

No strings attached! You choose whether to continue using itemit after your 14-day trial.

or, download the itemit app to get started

Why You Should Use A Fixed Asset Tracking Solution

Why You Should Use A Fixed Asset Tracking Solution

Fixed asset tracking solutions save you time and money on your daily operations. Without robust tracking procedures, you’re at risk of ghost assets and zombie assets on your fixed asset register, which can drain your finances and your profits.

Knowing exactly what you own, where it is, and that it’s being used properly is essential for effective asset tracking. Therefore, you should use a fixed asset tracking solution.

 

using fixed asset tagging

 

What Is Fixed Asset Tracking?

Fixed asset tracking is a system in which you log, monitor, and track your fixed assets. Your fixed assets can be anything in your business that isn’t sold for revenue, and therefore contributes to your revenue indirectly.

So, your IT assets, such as laptops, phones, and ipads will be fixed assets, as well as furniture and other business-critical items.

Knowing the status of all of your assets is essential. In the past, this will have been done with the use of a spreadsheet. Spreadsheets aren’t robust enough to give you all of the data and information you require. They’re also unwieldy to update and become out of date every time an asset changes status.

Therefore, you’ll need a robust fixed asset tracking solution to get all of the information and data you need in one place, ready for tracking.

 

Fixed Asset Tagging, and Other Procedures

Fixed asset tagging helps create instant accountability and transparency when it comes to your asset tracking procedures. You’ll be able to use QR code asset tags, for example. As these are unique, you’ll be able to link them to unique asset profiles for faster and more effective tracking.

The way fixed asset tagging works is by linking unique, digital profiles on your fixed asset tracking system with their physical counterparts. Therefore, if an asset has an issue and requires maintenance, all it takes is the scan of the fixed asset tag before you’ll be able to log this maintenance.

Tagging and Tracking with QR Code Asset Tags

Fixed asset tagging also assists you with location tracking procedures. As every scan of an asset’s tag updates the asset’s last seen location, you’ll be able to build an audit trail and asset history surrounding each of your fixed assets.

The Best Fixed Asset Tracking Solutions

The best fixed asset tracking solutions are highly customisable, meaning you’ll be able to tailor your data to your operations. So, if you frequently have assets that are getting checked out to individuals or external stakeholders, you’ll be able to log this change within your asset tracking software.

If you’re logging and monitoring asset maintenance, you’ll be able to use your fixed asset tracking solution to do this, too. Overall, this allows you to make decisions on which assets are no longer economical.

Therefore, you should use a fixed asset tracking solution for the customizability over your existing procedures. These solutions make your work faster, easier, and much more transparent as you’ll be able to see how all of your fixed assets are behaving.

To find out more about how itemit’s fixed asset tracking solution can help you, you’ll be able to book a demo using the button below.

You can also fill in the form below to start a free trial, contact the team at team@itemit.com, or download the app to get started right away.

 

Why not check out these blogs?

The Benefits of GPS Asset Tracking

How To Use Asset Labels

What is the Best Asset Management Software?

Test Out Our Fixed Asset Tracking Solution

No strings attached! You choose whether to continue using itemit after your 14-day trial.

or, download the itemit app to get started

5 Reasons Fixed Asset Management Software Is Worth The Investment Today

5 Reasons Fixed Asset Management Software Is Worth The Investment Today

Okay, so we get it, finding a better way to manage your fixed assets may not be the most exciting thing you have on your to-do list. BUT, fixed asset management software is often a very quick-win that will make you kick yourself you’ve put it off for so long.

If you’re new to this whole fixed asset register thing then let’s make sure we’ve covered the basics first. What are fixed assets? 

There are so many ways your team will benefit once you introduce the best fixed asset tracking software, but here we’ll cover off 5 of the top reasons that prove fixed asset management software is well worth your investment today.

1. Your ROI is less than one year

When it comes to your return on investment, few opportunities will give you a faster return than taking back control of your fixed assets with a modern-day asset management solution.

save time with inventory check in check out software

Consider the amount of time you and your colleagues spend trying to hunt down the equipment you need. Now, multiply that by the hourly rate each of your team costs the business. And, we’re not done there… Next, add to that the amount of money you spend buying new assets because you can’t find the ones you’ve purchased previously. Still with me?

Phew. Now, it’s very obvious that your ROI will be less than a year, with fixed asset management software pricing starting at less than £1000 per year. 

 

2. You’ll regain control of your assets instantly

We’re all impatient and seemingly getting more impatient by the day. Luckily for you, if you set up your fixed asset inventory software today, you’ll instantly begin to take back control of your fixed assets and equipment. 

The best fixed asset management software gives you a free trial that you can begin today. That means an immediate look into how much better your life is going to be. What’s more, is that you can add fixed assets to the system and invite your colleagues to join your account so you can revolutionise your fixed asset management in just a few quick clicks. 

 

3. You’ll be able to give your boss the answers they need 

We’ve all been there, your boss has an important meeting, and they need to report on the whereabouts and condition of the business’ fixed assets. Your boss is a busy person, and so they’ve only given you about 20 minutes notice. Don’t sweat it, with your snazzy new fixed asset management software you can pull off customisable reports that will show you: 

  • how many fixed assets the business has
  • what the current value of your fixed asset list is
  • what condition your assets and equipment are in
  • the replacement value for the fixed assets that are in poor condition
  • where your plant, machinery and equipment is
  • when equipment maintenance and inspections are due 

 

4. You’ll save significant amounts of money in month 1 

How many assets did you lose last month? No idea? 1? 12? If your business loses one asset a month, with an average value of £500, in a year that equates to £6,000 worth of lost assets. Not only do you need to replace these assets, but from an environmental perspective, it’s an entirely unnecessary and damaging waste of resource.

If we’re really honest with ourselves, the number of assets your team loses or misplaces each month is nowhere close to 1. We’re probably talking about somewhere between 5 and 10. Not all will be lost forever; some will rock up months later with no explanation as to where they’ve been all this time. Nonetheless, even at five assets a month, you’re experiencing a loss of £30,000 each year in lost and misplaced assets. 

 

5. You’ll have more time to focus on the things you really enjoy  

If you’re still wondering how else you can justify fixed asset investment, first of all, re-read the above and let those points sink in properly. Then, remind yourself of the purpose of fixed assets and why fixed asset register software is critical for a happy life.

We all wish we could spend less of our time on operational, administrative burdens. Thanks to the rise in cloud based fixed asset management software, we can now do precisely that. Welcome to a world where you can:  

  • see fixed asset whereabouts in real-time
  • use the mobile app on-the-go to scan and interact with assets and equipment
  • update your fixed asset register software from anywhere
  • share the burden of tracking fixed assets with your colleagues
  • pull off customisable reports based on live data 
  • and get back to the things you enjoy doing 

 

Fixed asset tagging – An added bonus 

So, now we know the importance of having fixed asset register software that is easy to update and manage, we must not forget the second critical element of managing our fixed assets effectively – a fixed asset tagging process.

If tagging fixed assets is a new concept to you, then do check out our complete guide to fixed asset tagging

When we say fixed asset tagging, what we’re referring to is a process of attaching physical tags to assets so that they are instantly identifiable. These can come in several forms depending on the type of assets or equipment you’re tracking and what environments those assets are exposed to.

With fixed asset tags, you can:

  • scan a tag to retrieve further information about that asset
  • enter information about that asset immediately, simply by scanning the fixed asset tag
  • associate the physical asset to the digital record of information for that asset
  • make it super easy for your team to interact with assets and report any faults or issues they come across
  • track the location of your assets

Whether you’re new to fixed asset management software or you’re just looking for a modern-day solution that takes advantages of the latest technologies to make life easier, check out the itemit fixed asset register software here.

Still looking for more information? Read the below.

Choosing the right fixed asset register software for your small business

How to rollout fixed asset management software in your business

What Information Should I Add to my Fixed Asset Register?

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Using itemit’s Depreciation Features

Using itemit's Depreciation Features

With itemit, you’ll be able to track how your assets depreciate. Depreciation is incredibly effective when it comes to fixed asset tracking, as you’ll be able to create an initial purchase price and track your asset’s lifecycle.

All of this is visible within itemit’s handy reporting features. With reporting, you’ll be able to view the total value of your assets, as well as how much they’re depreciating.

 

Fixed Asset Depreciation Register

 

Fixed Asset Tracking

Fixed asset tracking is essential in your business, as you’ll be able to use the benefits more accountability, more visibility, and more transparency over your assets can provide you with.

Knowing all of the fixed assets you own and having the ability to add data to these assets makes fixed asset tracking simple. 

With fixed asset tracking software, you’ll gain many more benefits than a spreadsheet can provide you with. Spreadsheets become quickly outdated and would require updating every time an asset’s status changes, giving you a limited ability to track asset lifecycles.

Fixed asset tracking software gives you a suite of features that you can use to create a fully transparent audit trail.

 

The Benefits of Depreciation

Depreciation allows you to view what your assets’ current values are. Knowing an asset’s value allows you to make instant decisions on where to put them in their lifecycle.

As you’ll also be able to add replacement costs to itemit, you’ll be able to see when an asset should be replaced. Knowing this creates a better way to track and manage your assets, as business-centred decisions are much simpler and much more transparent.

Overall, bespoke depreciation features show you how an asset is behaving and whether it should be replaced or maintained. This is as you’ll be able to see all the information you need to at speed and with ease.

 

Using More Fixed Asset Tracking Features

Depreciation is used best when it’s used in tandem with other fixed asset tracking features. The benefit of fixed asset tracking is that you’ll be able to create information for unique assets.

What this means is that you’ll be able to add all of the relevant information that you need to against your fixed assets so that you get a fully-formed ability to track and manage everything you need to see.

So, for example, you’ll need to track maintenance and asset issues to gain a full understanding of how an asset has been behaving.

Using an effective issues management system, and being able to view an asset’s history, gives you more data, which makes decisions simpler.

issues management software

Being able to see which assets have required multiple bouts of maintenance allows you to decide whether or not they’re more economical to replace, as you can weigh up maintenance costs against replacement costs.

You’ll be able to export and use all of this information using itemit’s bespoke reporting features. With reporting, knowing what your assets are doing and how they’re behaving is a breeze.

To find out more, you’ll be able to book a demo using the button below.

You can also contact the team at team@itemit.com or fill in the form below to start your 14-day free trial.

Start Using Fixed Asset Tracking Software Now!

No strings attached! You choose whether to continue using itemit after your 14-day trial.

or, download the itemit app to get started